RICHEST Countries in the World | GDP per Capita 💰 📊

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This (#Shorts) bar chart race ranks the top countries by GDP per capita (*). Some of the richest countries on this list would be considered typical "offshore tax havens" (**) which tends to elevate GDP-per-capita figures, often times egregiously so.

(*) GDP per capita is gross domestic product divided by midyear population. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars.
(**) A tax haven is a country or place with very low "effective" rates of taxation for foreign investors ("headline" rates may be higher). In some traditional definitions, a tax haven also offers financial secrecy. However, while countries with high levels of secrecy but also high rates of taxation (e.g. the United States and Germany in the Financial Secrecy Index ("FSI") rankings) can feature in some tax haven lists, they are not universally considered as tax havens. In contrast, countries with lower levels of secrecy but also low "effective" rates of taxation (e.g. Ireland in the FSI rankings), appear in most tax haven lists. The consensus around effective tax rates has led academics to note that the term "tax haven" and "offshore financial center" are almost synonymous.

There are many natural economic reasons for GDP-per-capita to vary between jurisdictions (e.g. places rich in Oil & Gas reserves tend to have high GDP-per-capita figures). However, it is increasingly being recognized that tax havens, or corporate tax havens, have distorted economic data which produces artificially high, or inflated, GDP-per-capita figures. It is estimated that over 15% of global jurisdictions are tax havens. An IMF investigation estimates that circa 40% of global FDI flows, which heavily influence the GDP of various jurisdictions, are described as "phantom" transactions.

📊 Data:
World Bank | https://databank.worldbank.org/
Country Economy | https://countryeconomy.com/
OECD | https://www.oecd.org/

#Shorts #GDP #BarChartRace #DataVisualization #DataComparison #DataVisualization #TaxHavens

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